Economic-Obj
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Use the above verified solutions ignore others
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(1a)
X -80=-9.8
X= 80-9.8
X=70.2
80-70=Y
Y=10
Z=50/2
Z=25
(1b)
(i) Increasing returns ( level 0 to 2)
(ii) Decreasing reruns ( level 3 to level 6)
(iii) Negative returns (level 6)
(1c)
The law of diminishing returns states that F increasing quantities of one factor are combined with fixed supply of other's in production,a point is reached from which each extra variable factor added yields loss and less addition to the total output
(1d)
(i)
Diagram
(ii)
- The total product at any given level of labour input is equal to the sum of all the marginal product up to that level
- The MP is zero at the point where TP is maximum
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(5ai) A joint venture is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance.
(5aii) (I) ease of establishment
(ii) lower cost
(8a)
(i)Commercial farming is mainly practised in developed countries whereas subsistence farming in less developed or developing countries.
(ii) Commercial farming is cultivated for profits whereas subsistence farming is for the consumption of the farmer and his/her family.
(iii) Commercial farms are very large while that of the subsistence farming are quite small.
(iv) Commercial farming is not dependent much on man power or animal power whereas subsistence farming is dependent.
(v) In commercial farming, there are proper irrigation facilities whereas subsistence farming is generally dependent upon the monsoon.
8b)
i) Automatic fiscal stabilisers. In a recession, government tax revenues fall (e.g. people earn less so pay less income tax). Also, the government have to spend more on unemployment benefits. Therefore, in an economic downturn, borrowing rises. To eliminate borrowing in a recession would make the recession worse and increase inequality. If the government couldn’t borrow in a recession, the unemployed may not get any benefits and have no income. Also, higher taxes and lower spending would reduce domestic demand and make the recession even worse. (automatic fiscal stabilisers)
Investment. The government may invest in public sector
ii) investment. For example, building schools, hospitals, better roads. This investment can give a return on the investment which helps to boost productive capacity and increase economic growth. In this case, the government is acting like a firm who takes out a loan to finance investment.
iii) Spending commitments. The government is committed to providing certain benefits, such as pensions and health care spending. With an ageing population, this puts upward pressure on government spending to rise; therefore, governments may start to run a structural deficit. See – rising cost of pension spending
and purchased along with a particular item, or substitutes and bought instead of a product.
(iv)The tastes or preferences of consumers will drive demand.
(8c)
-Positive effects-
(i)It serves as source of revenue for the government
(ii)It creates job opportunities for people in the area.
-Negative effects-
(i)It causes loss of valuable lands
(ii)It causes environmental pollution and pose health hazards
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(3a)
Consumer goods are products bought for consumption by the average consumer. Alternatively called final goods, consumer goods are the end result of production and manufacturing and are what a consumer will see stocked on the store shelf.
(3bi)
fixed capital is conventionally defined as the stock of tangible, durable fixed assets owned or used by resident enterprises for more than one year.
-Example-
(i)plant
(ii)machinery
(iii)vehicles and equipment
(3bii)
Social capital it basically comprises the value of social relationships and networks that complement the economic capital for economic growth of an organization
-Examples-
(i)when someone opens a door for someone
(ii)returns a lost item to a stranger
(iii)gives someone directions or loans
(3biii)
Circulating capital is money being used for core operations of a company.
-Example-
(i)operating expenses
(ii)inventory in process
(iii)Raw material
(3c)
(i)The level of the real interest rate and the level of per capita GDP.
(ii)The proportion of labor remuneration in national income and Fiscal policy.
(iii)The distribution of income and high effect of taxation.
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(4ai)
Capital expenditure is primarily expenditure on the creation of fixed assets and on the acquisition of land, buildings and intangible assets. While Recurrent expenditure refers mainly to expenditure on
operations, wages and salaries, purchases of goods and
services, and current grants and subsidies.
(4aii)
Monetary policy refers to government activities that are directed toward influencing the quantity of money and credit in an economy. While Fiscal policy involves the use of government spending and revenue raising (taxation) to impact a number of aspects of the economy
(4b)
(i)General Administrative Purposes The administrative machinery of a country may collapse if there is
no money to maintain it; tax therefore forms one of the sources of
such money.
(ii)Defence Purposes
Taxation contributes part of the money used in maintaining a country’s armed forces.
(iii)The Maintenance of Law and Order For internal peace and stability of a country to be guaranteed, laws
must be made and executed, which require money.
(iv)Redistribution of Incomes To achieve this, income tax is made to be progressive in nature.
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5c)
=Both of them produce the same two commodities, X and Y.
=Labour is the only factor of production.
=The supply of labour is unchanged.
= All labour units are homogeneous.May
(6a)
Money is an economic unit that functions as a generally recognized medium of exchange for transactional purposes in an economy. ... Money can be: market-determined, officially issued legal tender or fiat moneys, money substitutes and fiduciary media, and electronic cryptocurrencies.
(6bi)
value of money, then, is the quantity of goods in general that will be exchanged for one unit of money. The value of money is its purchasing power, i.e., the quantity of goods and services it can purchase.
(6bii)
demand for money is the desired holding of financial assets in the form of money. In othet words that is, cash or bank deposits rather than investments.
(6c)
(i)The price of the good or service.
(ii)The income of buyers.
(iii)The prices of related goods or services—either complementary and purchased along with a particular item, or substitutes and bought instead of a product.
(iv)The tastes or preferences of consumers will drive demand.
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Completed
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